CADJPY - Key resistance area within striking distance

9 בדצמ׳ 2013

Sometimes the simplest setups are the best setups. CADJPY has been stuck within a range since early June, with price bouncing between 92 and 97.50, but that could change very soon. Currently, price is hovering a few pips above 97, and you can be assured that many sell stops are clustered above the range highs. Considering the weakness we're seeing in all JPY crosses, a break higher would seem more likely than a reversal back into the range, but nothing is ever certain in FX.